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Use the information below to answer this question                ...

Accounts - Principles of Accounts
JAMB 2020

Use the information below to answer this question  
                                          ₦
Total current assets        2000
Total fixed assets           4000
Current liabilities            1200
Drawings                         200
Long term loan              2000

Calculate the capital of the business.

  • A. ₦3000
  • B. ₦9400
  • C. ₦3400
  • D. ₦6000
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Correct Answer: Option A
Explanation

capital = total assets - liabilities

2000 + 4000 - (1200 + 2000)

6000 - 3200 = 2800
2800 + 200 (drawings) = 3000

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts